2018 Industrial IoT Predictions

2018 Industrial IoT Predictions by Paul Wilson, Director of Commercial Development, Industrial IoT Division at ZTR Control Systems

As predicted in 2017, digitization is now part of most conversations among enterprise equipment OEMs, industrial equipment rental and fleet management executives. The “Why” is largely answered and focus has shifted toward “How”.

As expected, both approach and execution of digital strategies and the adoption of telematics as an enabling technology, varied across the compact construction market with early adopters widening the gap between themselves and those still contemplating the move.

Between now and 2020, ZTR predicts that OEM, rental and fleet company executives will continue to place emphasis on Industrial IoT projects that support customer experience and the creation of value added services that differentiate their solution, add revenue and strengthen brand loyalty.

2018 will see the continued, aggressive double digit growth in Industrial IoT solutions globally. This will be fuelled by a number of factors such as: evolving from product-centric thinking to everything-as-a-service, leveraging industrial IoT ecosystems as value creators and focusing on outcomes driven by analytics.

Increasingly, equipment manufacturers are accelerating programs to modernize equipment control units to send valuable data to telematics systems. This will enable new revenue-generating services to be introduced that will increase aftermarket sales, reduce operating costs, improve safety, and follow the equipment in the field. Equipment rental companies are expanding the breadth of services offered to their customers like how they order, manage utilization and pay for services in a way that helps them increase productivity and project profitability.

The challenge moving forward will be centred on what data to collect, where to collect it, how to contextualize it, how to analyze it and how to turn it into relevant insight and measurable outcomes.

We, at ZTR, believe that collaboration and co-creation with strategic partners will become even more important in 2018 and beyond, to drive innovation and leverage ecosystems as value creators. The Industrial IoT ecosystem will be pivotal when it comes time to mine for gold from a mountain of machine, human and business data. There will be a shift from large scale IT-driven projects to smaller Industrial IoT-driven solution “proof of concepts” that can be validated before moving to full scale production.

Analytics will evolve to maximize the value of data at many different levels of the organization. For example, descriptive analytics uncovers ‘what happened’. Diagnostic analytics highlights ‘why it happened’. Predictive analytics provides insights on ‘what will happen’. Prescriptive analytics will help us understand ‘how we can make it happen’. Leveraging the complete Industrial IoT ecosystem from the edge to the user in order to inject intelligence in optimal places, is a value creator, up and down the compact construction vertical market.

Looking back this time next year, we expect to see even more companies will have moved from the planning phase into the execution phase and are realizing tangible value from their Industrial IoT investments.

Seleccione el/los filtro(s) a continuación para mostrar el contenido relevante.